Abra cofounder and CEO Bill Barhydt is predicting a $50 trillion digital asset market capitalization within a decade due to one main catalyst. In a new interview with Anthony Pompliano, the head of the crypto wealth management platform says that the tokenization of real-world assets (RWAs) has the potential to send the crypto market cap […]
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Crypto markets have shed nearly $200 billion off their market cap in the last 24 hours as some of the industry’s biggest players appear keen to unload their coins. According to crypto “de-anonymizing” platform Arkham, digital assets manager Grayscale has sent nearly a quarter of a billion dollars worth of Bitcoin (BTC) to Coinbase, potentially […]
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Ripple chief executive Brad Garlinghouse thinks macro factors could double the overall crypto market cap by the end of 2024. Garlinghouse told CNBC recently that regulatory momentum and the newly approved spot Bitcoin (BTC) exchange-traded funds (ETFs) could drive a massive surge in crypto prices. “I’ve been around this industry for a long time, and […]
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Based on the latest metrics, the cryptocurrency landscape has experienced a widespread but modest downturn. Yet, the digital asset solana has risen by 12.2% in the last 24 hours and 43% against the U.S. dollar over the past week. Currently, solana surpassed the $200 mark per coin as it closed in on BNB’s market capitalization. […]
Bitcoin’s ascent past the $72,000 mark has elevated its market capitalization beyond the combined worth of all the world’s silver. The cryptocurrency has seen a 52.7% increase in value relative to the U.S. dollar over the past month, with 41.1% of this uptick occurring within a mere two weeks. Bitcoin Retakes the 8th Largest Asset […]
Stablecoin issuer Tether (USDT) is nearing a $100 billion market cap after adding about $10 billion to its valuation during the last three months. According to new data from crypto ranking platform CoinGecko, USDT has seen its total market cap balloon from $84 billion on October 15th to over $94 billion on January 15th. Last […]
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Crypto analytics firm Santiment says that three of the largest crypto networks by market cap now have more than 80% of their existing supplies in profit. The Total Supply in Profit metric measures what percentage of coins are currently in profit compared to the last time they moved, and sometimes correlates with price trends. According […]
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XRP’s price surge was short-lived and has almost returned to its original price.
A BlackRock filing suggesting the asset manager was creating an XRP (XRP) exchange-traded product caused a 12% spike in XRP, which it quickly lost after the filing was confirmed as fake.
The saga lasted an hour late on Nov. 14 as X (Twitter) users picked up on a Delaware filing showing BlackRock filed to register the “iShares XRP Trust” — a precursor to launching an exchange-traded fund (ETF).
XRP gained 12%, spiking to $0.73 within 30 minutes of the news of the filing. However, it lost all its gains in half an hour after it was confirmed a fake by Bloomberg ETF analyst Eric Balchunas, who spoke with BlackRock.
Balchunas speculated someone listed the XRP trust on the Delaware list of corporations website by impersonating BlackRock managing director Daniel Schwieger.
This is false! Confirmed by BlackRock by me. Some whacko must have added using BlackRock executive name etc. Cmon man. pic.twitter.com/cDpnycYwjQ
— Eric Balchunas (@EricBalchunas) November 13, 2023
Bitcoin Magazine analyst Dylan LeClair was one of the first to initially break the news. Balchunas and The Block also shared news of the listing on X in now-deleted pos.
Related: Ripple faces slim odds of $770M disgorgement — XRP holders attorney
BlackRock signaled its intention to expand beyond Bitcoin with its ETF aspirations after the firm filed for a spot Ether ETF on Nov. 9.
In light of the faked listing, Seyffart iterated that the spot Ether ETF is real as it was officially confirmed via a 19b-4 submission by Nasdaq to the Securities and Exchange Commission.
Lot of people now asking if the Ethereum trust filing was real after seeing the XRP trust was fake.
— James Seyffart (@JSeyff) November 13, 2023
YES. The ishares #Ethereum trust filing is real and was confirmed via 19b-4 filing on Thursday. Only the XRP trust filing was fake. https://t.co/Lqhj8p91NO
Magazine: Crypto regulation: Does SEC Chair Gary Gensler have the final say?
Google's parent company Alphabet was the worst performer on the day, falling 9.5% in a massive $180 billion wipeout.
More than $280 billion has been wiped from the “magnificent seven” tech stocks following the release of several earnings reports on Oct. 25, triggering fears of a looming tech recession.
The so-called “magnificent seven” refers to the top seven blue-chip tech firms including Apple, Microsoft, Meta, Amazon, Alphabet, Nvidia, and Tesla — who combine to make up a quarter of the value of the S&P 500 index.
Google parent company Alphabet saw its share price fall over 9%, wiping $180 billion from its market cap and was noted as Google’s worst-performing day since the COVID-19 pandemic hit in March 2020.
The share prices of Amazon, Nvidia, and Meta fell 5.5%, 4.3%, and 4.2% respectively, according to Y Charts.
Apple and Tesla’s fall in share prices were less severe at 1.35% and 1.9%, while Microsoft was the only one of the seven to buck the trend, with its share price rising 3.1% after reporting better-than-expected growth in its Azure business.
“This is the most widespread tech selloff in months which has resulted in a 5-month low for the S&P 500,” Kobeissi said.
“This is what happens when the few stocks that are holding up the entire market break," the firm said, adding that tech stock investors may be beginning to price-in a recession.
“It seems like buyers are becoming more hesitant as headwinds accumulate,” Kobeissi noted in a follow-up response.
Fears of a “stock market crash” have also been reflected in Google search trends, with the three-word term up 233% over the last week, noted Andrew Lokenauth, a reporter for TheFinanceNewsletter.com.
Google searches for Stock market crash up 233% in past week.
— Andrew Lokenauth | TheFinanceNewsletter.com (@FluentInFinance) October 24, 2023
If the stock market crashed 10%, what stocks are you investing in? pic.twitter.com/TQz8tVyL5U
On the other hand, the cryptocurrency market has been trending upwards amid optimism over possible spot Bitcoin ETF approvals in the United States, with market cap increasing 16.3% to $1.3 trillion over the last week, according to CoinGecko.
Bitcoin (BTC) Ether (ETH), Binance Coin (BNB) and XRP in particular have increased 23.3%, 16.7%, 8% and 15.2% respectively over the last seven days.
Related: Google to protect users in AI copyright accusations
However, the crypto market hasn’t proven to be bulletproof in face of tough macroeconomic conditions.
When the United States real gross domestic product decreased over the first two quarters of 2022, the cryptocurrency market cap fell 61.7% from $2.37 trillion to $907 billion, according to CoinGecko.
While analysts speculate whether Bitcoin will decouple further from tech stocks and the S&P 500, past research from the Multidisciplinary Digital Publishing Institute suggests Bitcoin still tends to trade like a “tech stock” over the long term — due to its extreme volatility.
It can, however, serve as a viable hedge against the U.S. dollar, which it’s negatively correlated to, the research firm deduced from an Oct. 2022 report.
Since Sept. 1, Bitcoin has decoupled from the NASDAQ 100, increasing 34% while the NASDAQ has fallen 8.6% over the same time frame.
Meanwhile, the recent investor movements have some observers hinting that the movement could be seen as a “flight to safety” toward Bitcoin — particularly in light of several banking stocks plummeting lately.
It’s almost like I predicted that #crypto would decouple from stocks. And here we are with tech #stocks sinking and #bitcoin rallying. https://t.co/K1R3OIiOgV
— Bryan Ross (@bryanrosswins) October 25, 2023
Magazine: Joe Lubin — The truth about ETH founders split and ‘Crypto Google’
Former Goldman Sachs executive Raoul Pal is predicting that the total market capitalization for cryptocurrencies will soon soar to $10 trillion as institutions pour into the digital assets space. In a new interview with Binance’s sales manager Michela Silvestri, the macro expert says financial institutions are likely to follow family offices, which typically take on […]
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